PHILIPPINES: Pepsi-Cola Philippines looks to fund expansion
Pepsi-Cola Products Philippines (PCPP) has confirmed plans to launch a share offering with a view to fund its expansion aspirations.
The company, which holds the Pepsi Bottling Group licence for the Philippines, said today (11 December) that it hopes to raise around PHP7.9bn (US$189.7m) from the offer of up to 1.31bn shares, at an indicative price of PHP6.04 per share.
In a filing with the Philippine Stock Exchange, PCPP said that the shares would be sold by Guoco Assets Philippines and The Nassim Fund. The shares being offered represent around 36% of the company's capital.
The listing, funds from which which would be used to finance expansion, has initially been set for the beginning of February.
PCPP is 32.9%-owned by PepsiCo, whereas its major competitor Coca-Cola Bottlers Philippines Inc. is now 100%-owned by Coca-Cola.
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